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Money

Todd Youngren leads MainStreet Bank’s banking-as-a-service subsidiary. Photo by Will Schermerhorn
Mar 30, 2022

Embedded finance

Several years ago, Blue Ridge Bank President and CEO Brian Plum began to notice a movement across the broader economy. “We live in a world where data has value,” Plum says. “It only made sense that over time, [as] you would see more sellers or other service providers that have built out platforms to try […]

Mar 28, 2022

Capital One inks $125M MLB sponsorship deal

Tysons-based Capital One Financial Corp. has signed a deal reportedly worth $125 million to become the official bank and credit card partner of Major League Baseball and the presenting sponsor of the World Series, Capital One and Major League Baseball announced Monday. CNBC reported the deal is worth $125 million over five years[...]

Mar 21, 2022

Bank of America grants VUU $1M

Bank of America granted Virginia Union University $1 million for its new banking and financial services workforce development program, the university announced Monday. VUU’s Sydney Lewis School of Business will lead the program, called MORE for My Opportunity is Real Essential, in partnership with the university’s workforce development division and its Evelyn Reid Syphax School […]

Mar 18, 2022

MainStreet Bancshares president to retire

Charles “Chris” Brockett announced Friday that he’s retiring as president of MainStreet Bancshares Inc., parent company of Fairfax-based MainStreet Bank, effective March 31. Brockett has served as MainStreet Bancshares’ president since January 2017. He will remain a member of the board of directors. “We are[...]

Mar 7, 2022

ValleyStar Credit Union names 3 new execs

Martinsville-based ValleyStar Credit Union has named three new executives to its leadership team. Justin Barnes will be the credit union’s chief lending officer, Mendy Shaffer will be interim chief financial officer, and Robert Sparrow will be chief risk officer. Barnes began his financial services career in 1999 and has spent 23 years in lending, according […]

Feb 28, 2022

Navy Federal names new chief operating officer

Vienna-based Navy Federal Credit Union has named a retired rear admiral to serve as chief operating officer. Dietrich Kuhlmann took over from former COO Debbie Calder, who has retired, effective Monday. He will oversee the credit union’s operations and its 20,000 workers in service of its members. Kuhlmann joined Navy Fede[...]

Charlottesville-based Virginia National Bank merged with The Fauquier Bank in Warrenton in April 2021. Photo by Caroline Martin
Feb 27, 2022

Stronger together

Bank acquisitions and mergers, particularly among Virginia’s community banks, continued apace in 2021. Banks sought scale for efficiency and flexibility, as well as to acquire resources in anticipation of potential new government regulation. “The recurring theme in bank mergers is scale,” Bruce Whitehurst, president and CE[...]

Feb 24, 2022

Youngkin signs bill to conform tax code

This year’s tax season may be a little less complicated for businesses that were granted Paycheck Protection Program loans and Rebuild Virginia grants during the pandemic. A bill that Gov. Glenn Youngkin signed into law Wednesday will ensure that the aid granted through those programs won’t be treated as taxable inco[...]

Feb 17, 2022

DHG to merge with BKD, forming top 10 accounting firm

The fifth-largest accounting firm operating in Virginia, Dixon Hughes Goodman LLP, is merging with Springfield, Missouri-based BKD CPAs & Advisors to form a combined top 10 accounting firm with $1.4 billion in revenue, the two firms announced Thursday. The “merger of equals” will be effective June 1, a company sp[...]

Blue Ridge Bank President and CEO Brian Plum. Photo by Norm Shafer.
Jan 20, 2022

Blue Ridge Bank, FVCbank merger called off

The merger of the parent companies of Charlottesville-based Blue Ridge Bank and Fairfax-based FVCbank has been called off, the companies announced late Thursday. Blue Ridge Bankshares Inc. and  FVC Bankcorp Inc. mutually agreed to terminate the agreement, which was first announced in July 2021. The companies delayed the merger,[...]

Jan 18, 2022

Atlantic Union Bank names Maria Tedesco COO

Richmond-based Atlantic Union Bank has named Maria Tedesco its chief operating officer, effective immediately. It’s a new position for the bank. Tedesco will continue in her role as president as well. She joined the bank in 2018 and previously was chief operating officer for BMO Harris Bank’s U.S. retail and business[...]

Jan 13, 2022

Roaring ’20s repeat possible, Richmond Fed president says

Federal Reserve Bank of Richmond President and CEO Thomas Barkin said he could visualize another round of the “roaring ’20s,” he said Thursday during the Virginia Bankers Association/Virginia Chamber 2022 Financial Forecast event. Driven by investment and real estate appreciation, the nation has seen a 28% boost in[...]

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